Waooooooo Val-d'Or Mining has entered into a mining option agreement for the Powell Property in Matachewan, Ontario, subsequently assigning its rights to Eldorado Gold. The agreement includes a 1.5% net smelter returns (NSR) royalty for Val-d'Or Mining if Eldorado exercises the option. Eldorado must pay $305,000 and incur $2M in expenditures within five years to acquire 100% interest.
The 32-claim Powell Property features the Golden Stinger Zone, a recently discovered gold occurrence with samples yielding up to 10.95 g/t Au. The property is located 4km north of the Young-Davidson Mine and shows promising geological characteristics with gold mineralization in Timiskaming sediments.